Appian Corp APPN

Information TechnologySoftware & IT ServicesUnited States of America

Last close 49.10 USD on Nov 1, 2026, +38.6% year to date

Quant rating

Quant rating A Rank 48 of 389 in Information Technology

Growth A 43 of 389
Valuation D 362 of 389
Quality B 135 of 389
Revisions B 83 of 389
Momentum A 13 of 389

Wall Street consensus Hold (2.88)Average target 34.80 USD −29.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.5B
Enterprise value: 3.6B
52-week range: 18.65 – 54.09
3-year range: 18.65 – 54.09
Dividend yield: –
Beta (5 years): 0.84
Shares outstanding: 71.6M
Next earnings: Nov 5, 2026

About the company

Appian Corporation provides process automation technology. Its platform has been leveraged by enterprises and governments. Its combining edge process orchestration and intelligence, provides everything an organization needs to design, automate, and optimize critical processes. Its capabilities include automation platform, unified data fabric, enterprise-grade controls, interactive design, and implementation. Its automation platform capabilities include business rules engines, pre-built connections, application program interface integrations, intelligent document processing (IDP), robotic process automation (RPA), and artificial intelligence (AI). Its patented data fabric is an integrated layer that unifies data across the enterprise without requiring companies to migrate their data, eliminating the need for additional systems, tools and time to insight. Its enterprise-grade controls deliver security, auditability, and enterprise guardrails to support workloads and confidential data.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	727	617	545	468	369	–
Revenue growth	17.8%	13.1%	16.5%	26.7%	21.2%	19.0%
EPS (basic, normalized)	0.61	−0.35	−0.81	−1.23	−0.68	–
EPS growth	–	–	–	–	–	–
Gross margin	72.5%	75.7%	73.7%	71.5%	71.8%	73.0%
Net margin	0.2%	−15.0%	−20.4%	−32.2%	−24.0%	−18.3%
ROE	–	−936.6%	−112.5%	−79.5%	−33.4%	−290.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	168
Current ratio	1.00x
Long-term debt (mil)	226
Net debt (mil)	68.2
Total equity (mil)	−105
Net debt / equity	−0.65x
Net debt / EBITDA	0.89x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	727	+17.8%	4.9x	76.8	+1,076.3%	46.7x	0.61	+274.3%	80.5x
2026	850	+16.9%	4.2x	108	+40.4%	33.3x	1.08	+77.3%	45.4x
2027	943	+11.0%	3.8x	134	+24.5%	26.7x	1.42	+31.1%	34.6x
2028	1,042	+10.4%	3.4x	154	+14.4%	23.3x	1.68	+18.5%	29.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	850	0.0%	+2.5%	+4.8%	1.08	0.0%	+9.7%	+21.7%
2027	943	0.0%	+2.9%	+5.2%	1.42	0.0%	+12.9%	+21.9%
2028	1,042	0.0%	+1.2%	+4.2%	1.68	0.0%	+11.3%	+21.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	150	146	154	167	166	171	187	203	202	203
Sales mean (mil)	150	143	152	164	163	160	174	189	191	193
Surprise	0.0%	+2.4%	+1.4%	+1.5%	+1.9%	+6.6%	+7.4%	+7.3%	+5.6%	+5.0%
EPS reported	−0.24	−0.26	0.15	0.00	0.13	0.00	0.32	0.15	0.27	0.13
EPS mean	−0.16	−0.31	−0.09	−0.01	0.03	−0.13	0.05	0.09	0.18	0.00
Surprise	−50.5%	+16.2%	−276.5%	+100.0%	+313.6%	+100.0%	+495.8%	+70.5%	+47.0%	+3,614.3%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
APPN Appian Corp	3.5B	0.89x	0.2%	−33.52x	45.4x	34.6x	33.3x	26.7x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
PLTR Palantir Technologies Inc.	442.4B	−4.08x	36.3%	45.26x	115.0x	79.2x	87.2x	57.0x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
SAP SAP SE	289.6B	0.01x	19.5%	5.48x	29.2x	25.0x	20.0x	17.3x
IBM International Business Machines Corp	243.7B	2.78x	17.4%	6.86x	20.8x	19.4x	14.6x	13.7x
Mean		0.44x	23.4%	6.37x	42.1x	32.0x	30.1x	22.4x
Median		0.55x	23.0%	6.39x	27.7x	23.5x	18.1x	15.5x

Technical analysis

1M+40.2%
3M+79.5%
1Y+60.1%
3Y+22.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Appian Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	727	617	545	468	369	305
Cost of revenue	200	150	143	133	104	88.8
Gross profit	527	467	402	335	265	216
Selling, general & administrative expenses	342	367	357	340	252	183
Research & development	172	155	153	139	97.5	70.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	12.4	6.1	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	0.6	−60.9	−108	−145	−83.9	−37.9
Net interest income (expense)	1.1	−23.6	−17.9	−1.7	−0.4	−0.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	4.7	−6.8	17.6	−3.5	−3.6	5.8
Net income before taxes	6.4	−91.2	−108	−150	−87.9	−32.6
Provision for taxes	5.2	1.1	3.2	0.7	0.8	0.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1.2	−92.3	−111	−151	−88.6	−33.5
Extraordinary items	–	–	–	–	–	–
Net income	1.2	−92.3	−111	−151	−88.6	−33.5
EBIT, normalized	13.0	−44.6	−99.6	−122	−67.4	−37.9
EBITDA, normalized	22.7	−34.6	−90.1	−115	−61.7	−32.5
Basic EPS, normalized	0.61	−0.35	−0.81	−1.23	−0.68	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Appian Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	187	160	159	196	156	222
Receivables	266	208	184	166	130	97.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	31.1	31.1	37.5	28.1	26.8	28.0
Other current assets	35.2	36.6	34.3	32.4	25.5	17.9
Total current assets	519	436	414	422	338	365
Property, plant & equipment	60.2	68.2	82.7	79.1	64.8	66.1
Goodwill	28.8	25.6	27.1	26.3	27.8	4.9
Intangibles	1.2	2.2	3.9	5.3	7.1	1.7
Long-term investments	–	–	–	0	12.0	36.1
Note receivable	0.2	0.6	0.9	–	–	–
Other long-term assets	81.5	88.9	98.6	61.0	54.5	38.3
Total assets	691	621	628	594	505	513
Liabilities
Accounts payable	6.7	4.3	6.2	8.0	5.8	3.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	91.5	55.7	58.0	59.9	57.7	35.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	9.6	9.6	66.4	2.7	–	0
Other current liabilities	344	285	241	200	152	118
Total current liabilities	452	355	371	270	216	156
Long-term debt	231	241	140	115	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	55.1	58.1	63.8	62.9	54.9	60.0
Total liabilities	738	654	575	449	271	216
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	617	591	596	561	497	470
Retained earnings (accumulated deficit)	−611	−612	−520	−408	−258	−169
Treasury stock	−16.9	–	–	–	–	–
Other equity	−36.5	−11.8	−23.6	−7.2	−5.7	−5.0
Total equity	−47.0	−32.6	52.3	146	234	297
Total liabilities & shareholders' equity	691	621	628	594	505	513

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Appian Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1.2	−92.3	−111	−151	−88.6	−33.5
Depreciation, depletion & amortization	9.7	10.0	9.5	7.3	5.7	5.9
Deferred taxes	−0.3	−0.9	−1.5	−1.1	−0.5	−0.2
Non-cash items	22.4	63.6	32.7	40.2	24.3	16.3
Changes in working capital	29.9	26.4	−39.6	−2.0	5.1	3.9
Cash from operations	62.9	6.9	−110	−107	−53.9	−7.6
Investing activities
Capital expenditures	−3.3	−3.8	−9.6	−9.1	−6.1	−1.3
Other investing cash flows	−9.5	−31.6	38.2	19.4	48.0	−152
Cash from investing	−12.8	−35.4	28.6	10.3	41.9	−153
Financing activities
Financing cash flow items	−7.4	−8.4	−10.0	−1.9	0	−0.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−28.9	8.2	89.2	145	2.8	111
Cash from financing	−36.3	−0.3	79.2	143	2.8	110
Foreign exchange effects	3.5	−2.0	1.7	−0.2	0.7	3.2
Net change in cash	17.3	−30.8	−1.0	46.4	−8.5	−47.3
Free cash flow	59.6	3.1	−120	−116	−60.0	−8.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.